Ask Larry

Do You Have Any Thoughts On The Benefit Estimates On My Social Security Statement?

Hi, Larry
I turned 66 on August 18, 2020 but elected to wait to start collecting my Social Security benefits so the monthly payments will be higher.( I'm still working) I have a statement from May 10 of this year that says at age 66, I will receive about $2571 per month. I turned 67 yesterday and checked my statement. It now says at age 67, I will receive the same amount. It was my understanding that the longer one waits until age 70, the monthly payout gets higher. Any thoughts on that? - thanks

Hi Charles. Your Social Security retirement benefit rate will increase by 2/3rds of 1% for each month that you delay collecting benefits until age 70 regardless of what your benefit statement says. Therefore, if you wait until age 70 to start collecting, your monthly benefit rate will be 32% higher than the rate that you'd receive if you'd started collecting at your FRA of 66.

Benefit estimates are no more than that, and if your estimate says that you'd receive the same amount starting at age 67 as you would have at age 66 then the estimate is simply inaccurate. You may want to strongly consider using our software ( to get an accurate benefit estimate and to fully analyze the options available to you in order to determine your best strategy for maximizing your benefits.

Best, Jerry

Aug 19 2021 - 7:39pm
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